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Company - WENTWORTH ENERGY Inc.
Ticker-WNWG . PK
Current Price - .9O
3-5 Day target - 2 .5O
6months-target-4.25
Wentworth Energy Closes on Acquisition of
Major Utah Oil Sands Project.
Wentworth Energy, Inc. (WNWG . Pk) announced today
that the Company has closed on its acquisition of
a large oil sands project in Utah's Unita Basin.
Wentworth Energy has acquired 1592-acre lease known
as the Asphalt Tar Sands project, for 1,000,000
shares of the Company's common stock and a 12 percent
royalty on the net proceeds from the property.
The Asphalt Ridge Tar Sands are located in the north
northeast flank of the Unita Basin, about 3.5 miles
southwest of the town of Vernal, Utah. According to
historic geological reports the company believes that
total recoverable oil reserves on the project could
be over 100 million barrels of oil.
John Punzo, Chairman and CEO of Wentworth Energy
states, "The acquisition of the Asphalt Tar Sands
project has the potential to become Wentworth Energy's
legacy asset, defining us as a Company and forming
the cornerstone from which we can build shareholder
value. The Company's oil sands team is also confident
that when the new technologies we are reviewing are
validated, we could begin oil production on the
leases in the very near future."
Jim Whiteside, President of Oil Sands Development at
Wentworth Energy, commented, "The land position we have
acquired is located in the heart of Utah's rich oil
sands region. The opportunity for Wentworth is to
combine this strong asset with the new recovery methods
that have been developed over the past several years.
Our plans are to work closely with the Utah government
to ensure that not only is the oil extracted using the
most efficient and cost effective technologies, but that
preservation of the environment is also our top priority."
"The Asphalt Ridge Tar Sands Project is located within
the largest bituminous sandstone deposit in the Unita
Basin," Whiteside noted. "The oil-saturated sands are in
the Mesa Verde Group and the Duchesne River Formation
and have been identified at varying depths from the
surface to 250 feet. This means that the oil can be
recovered using open-pit mining techniques, which is
a very cost effective method."
"During the past five years there have been at least six
new extraction technologies developed which are showing
great promise. They all operate on a smaller scale, are
more environmentally friendly, and are less capital
intensive than the conventional oil sands plants being
employed in the Athabasca oil sands of Northern Alberta.
In the past, the cost of producing oil from bituminous
sands in these smaller deposits has been prohibitive,
however, with the development of new extraction methods
the projected recovery costs have been reduced to a
level at which oil from bituminous sands can compete
with oil from conventional sources," Mr. Whiteside said.
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